africa Angola commodities Gas oil

Angola announces increase in oil production

Approximate reading time: 2 minutes

The Angolan minister of Mineral Resources and Oil, Diamantino Azevedo, said last Friday in Vienna, Austria, that actions will be taken to increase production in fields in natural decline and also announced the entry into operation of new fields in August 2018.

The minister said that at the end of the fourth meeting of the OPEC and non-OPEC cooperation mechanism that brought together 25 members and a representative of the APPO, an association of African oil producing countries, and the OPEC Oil and Energy ministers.

At the meeting, a quota of about 1.6 million barrels per day was stipulated for Angola, with output in the last six months of the year amounting to 1.5 million barrels of oil per day.

According to Diamantino Azevedo, “the decisions made at this week’s OPEC ministerial conference are to be fulfilled.”

Meanwhile, the inclusive factor was valued in the opening address of the meeting by the chairperson of OPEC, United Arab Emirates Energy and Industry minister Suhail Mazrouei, who believes that the level of “trust among the members is unprecedented.”

To the Russian minister of Oil, Aleksander Novak, the oil sector is a factor for global growth and high technology with responsibility for preparing future generations.

Novak, who heads non-OPEC group, called for compliance with the decisions of the joint ministerial committee to follow up the OPEC and non-OPEC declaration of cooperation with a view to meeting the quotas agreed in December 2016.

However, members with a production deficit must reach the quota, just as those above must do the same.

Source: Angop

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